Couche-Tard has become the principal owner of Statoil Fuel & Retail (SFR).
In an update on yesterday’s (18 June) news that the group had announced settlement dates for its NOK53 (US$8.87) per share all-cash offer for SFR, Couche-Tard has now confirmed its 81.2% ownership of the issued and outstanding shares in the company.
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Last week’s decision by the company to waive all conditions attached to the takeover bid proves the company was keen to push the acquisition through with no obstructions and in good time.
Significantly, Couche-Tard waived the condition originally attached to the offer that it receive backing form 90% of shareholders – the threshold that the company could then force minority stakeholders to sell their shares at.
Today’s announcement confirms Couche-Tard as a majority stakeholder and demonstrates the importance that its management attaches to its plans to expand in Scandinavia.
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